Real estate has lots of terminologies and it can be difficult to keep it all straight. This post will take a look at sales restrictions and will explain what they are, how they work and how they can impact your real estate purchase or sale.
First, let's define what a sales restriction is. When a property has "sales restrictions", it means there are specific conditions that must be met in order for a property to be sold. For example, in some cases, only certain buyers may purchase the property. In other cases, the property can only be sold for more or less than a stated price.
To list on the MLS, you will be required to note any restrictions on the sale of your property.
Here's a quick explanation of each restriction.
Hopefully, this list gave you a good grasp of what sales restrictions are, how they work and how they can impact your home sale or purchase!